The purpose of this educational note is to provide guidance to actuaries for determining commuted values for pension plans that are not covered under subsection 3570. A separate educational note has been prepared for subsection 3570. This educational note was developed based on input from the Actuarial Standards Board through the designated group and based on questions submitted to the Committee on Pension Plan Financial Reporting (PPFRC) after the release of the revised Section 3500 of the Practice-Specific Standards for Pension Plans – Pension Commuted Values on January 24, 2020. This educational note also reflects the revised effective date of December 1, 2020 and the revision to paragraph 3530.06.2, announced by the Actuarial Standards Board in the July 20, 2020 memorandum.
